Legality of Bitcoin under Islamic and International Laws

The evolution of currency throughout time was steady and sturdy until Bitcoin burst onto the scene in early 2009 as the very first cryptocurrency. It created a whirlwind of arguments in various sectors such as the financial, economic, political, technological, and legal fields. Governments around the world have either explicitly or subtly attempted to define and regulate Bitcoin with a sound legal framework to protect citizens dealing with the cryptocurrency. Bitcoin provides an attractive atmosphere for investors with its intangibility, anonymity, and decentralised nature, which form its main merits. The objectives of this book are to discover the origin and concept of Bitcoin, and to investigate the controversy surrounding Bitcoin’s regulation in Islamic law. It also aims to examine the current international legal framework regarding Bitcoin and its development in the European Union, China and the United States of America. In addition, it means to analyse the status of Bitcoin in Saudi Arabia.